Euronet Worldwide launches a platform for real-time cross border business payments

In a push towards real-time payments, established companies in the sector are launching platforms to push up the infrastructure around the globe to support the growing demand for cross-border real-time payments.

This week, US based Euronet Worldwide, which is best known for its global network of automated teller machines, has announced the launch of a cross-border payments platform that has been named Dandelion.

As noted in the press note, the flow of payments between consumers and businesses across the globe in cross-border payments is more than $155 trillion and the company believes this is driven by the adoption of digital payments, regulatory reform, and a global labour market.

This year, DBS introduced real-time payment tracking for all business clients in collaboration with SWIFT while Mastercard launched its own real-time payments gateway in the UK.

The platform, Dandelion, launched by the company provides direct connections to local payment rails in 162 countries. It also provides real-time payments, customizable API for easy integration and visibility into payments. According to Euronet, it eliminates ‘hidden transfer fees, improves exchange rates and drives down the cost per transaction’ and builds in settlement service.

“No one has really focused on effectively connecting all sides of the transaction – the entire end-to-end experience – with a real-time solution. That leaves a huge gap in the payments space,” said Michael J. Brown, Chairman and CEO of Euronet.

Current clients using this platform according to the press note include Azimo, Bnext, Libro, Microsoft Dynamics, Nickel (an internet bank), Remitly, Sage Intact, Xoom/Paypal.

Euronet Worldwide runs a large network of automated teller machines as well as payment services, and has a presence in over 175 countries.